Stocks in Asia steady despite South Korean, New Zealand rate spikes

Lola Evans
25 Nov 2021, 16:58 GMT+10

Asian stocks weathered the heightening yield regime which appears to be gaining momentum.
On Thursday South Korea's Central Bank raised official interest rates to 1 percent.
South Korea's Kospi Composite sagged 10.58 points or 0.35 percent to close Thursday at 2,983.71.

SYDNEY, NSW, Australia - Asian stocks weathered the heightening yield regime which appears to be gaining momentum.

On Thursday South Korea's Central Bank raised official interest rates to 1 percent. This follows a move by the Reserve Bank of New Zealand a day earlier which raised rates for the second month in a row. The official cash rate in New Zealand was increased by 50 basis points to 0.75 percent.

South Korea's Kospi Composite sagged 10.58 points or 0.35 percent to close Thursday at 2,983.71.

In Japan, the Nikkei 225 climbed 196.62 points or 0.67 percent to 29,499.28.

The Australian All Ordinaries garnered 11.40 points or 0.15 percent to 7,736.90.

The Hang Seng in Hong Kong gained 54.66 points or 0.22 percent to close Thursday at 24,740.16.

China's Shanghai Composite finished down 8.52 points or 0.24 percent at 3,584.18.

The U.S. dollar gave up some of its gains from overnight, with the euro edging up to 1.1213, approaching the Sydney close, Thursday.

The British pound was a fraction higher at 1.3349. The Japanese yen inched up to 115.39. The Swiss franc firmed to 0.9336.

The Canadian was marginally higher at 1.2649. The Australian dollar gained a few points to 0.7204. The N ew Zealand dollar saw some demand, rising a quarter-cent to 0.6870.

Overnight on Wall Street, the Dow Jones closed down 9.42 points, or 0.03 percent at 35,804.38.

The Nasdaq Composite gained 70.04 points or 0.44 percent to 15,845.23.

The Standard and Poor's 500 advanced 10.76 points or 0.23 percent to 47,011.46.

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